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In the eye of the beholder: How regulatory focus and self-efficacy interact in influencing opportunity recognition

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  • Tumasjan, Andranik
  • Braun, Reiner
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    Abstract

    Although there is evidence that regulatory focus is associated with opportunity exploitation, there is a lack of research examining its role at the early stages of opportunity recognition. The present study makes two major contributions to address this gap. First, we demonstrate that entrepreneurs' promotion focus is positively related to opportunity recognition, whereas prevention focus is not significantly related to opportunity recognition. Second, integrating two theories of self-regulation – regulatory focus theory and self-efficacy theory – our findings reveal that a high promotion focus compensates for entrepreneurs' low levels of creative and entrepreneurial self-efficacy in opportunity recognition. Our study extends extant cognitive theories of opportunity recognition.

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    Bibliographic Info

    Article provided by Elsevier in its journal Journal of Business Venturing.

    Volume (Year): 27 (2012)
    Issue (Month): 6 ()
    Pages: 622-636

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    Handle: RePEc:eee:jbvent:v:27:y:2012:i:6:p:622-636

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    Web page: http://www.elsevier.com/locate/jbusvent

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    Keywords: Opportunity recognition; Regulatory focus theory; Creative self-efficacy; Entrepreneurial self-efficacy; Entrepreneurial cognition;

    References

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    1. Baron, Robert A., 1998. "Cognitive mechanisms in entrepreneurship: why and when enterpreneurs think differently than other people," Journal of Business Venturing, Elsevier, vol. 13(4), pages 275-294, July.
    2. Ardichvili, Alexander & Cardozo, Richard & Ray, Sourav, 2003. "A theory of entrepreneurial opportunity identification and development," Journal of Business Venturing, Elsevier, vol. 18(1), pages 105-123, January.
    3. Baron, Robert A., 2000. "Counterfactual thinking and venture formation: The potential effects of thinking about "what might have been"," Journal of Business Venturing, Elsevier, vol. 15(1), pages 79-91, January.
    4. Gaglio, Connie Marie & Katz, Jerome A, 2001. " The Psychological Basis of Opportunity Identification: Entrepreneurial Alertness," Small Business Economics, Springer, Springer, vol. 16(2), pages 95-111, March.
    5. Wu, Cindy & McMullen, Jeffery S. & Neubert, Mitchell J. & Yi, Xiang, 2008. "The influence of leader regulatory focus on employee creativity," Journal of Business Venturing, Elsevier, vol. 23(5), pages 587-602, September.
    6. Hmieleski, Keith M. & Corbett, Andrew C., 2008. "The contrasting interaction effects of improvisational behavior with entrepreneurial self-efficacy on new venture performance and entrepreneur work satisfaction," Journal of Business Venturing, Elsevier, vol. 23(4), pages 482-496, July.
    7. Ward, Thomas B., 2004. "Cognition, creativity, and entrepreneurship," Journal of Business Venturing, Elsevier, vol. 19(2), pages 173-188, March.
    8. Brockner, Joel & Higgins, E. Tory & Low, Murray B., 2004. "Regulatory focus theory and the entrepreneurial process," Journal of Business Venturing, Elsevier, vol. 19(2), pages 203-220, March.
    9. Bryant, Peter, 2009. "Self-regulation and moral awareness among entrepreneurs," Journal of Business Venturing, Elsevier, vol. 24(5), pages 505-518, September.
    10. Punam A. Keller, 2006. "Regulatory Focus and Efficacy of Health Messages," Journal of Consumer Research, University of Chicago Press, University of Chicago Press, vol. 33(1), pages 109-114, 06.
    11. Busenitz, Lowell W. & Barney, Jay B., 1997. "Differences between entrepreneurs and managers in large organizations: Biases and heuristics in strategic decision-making," Journal of Business Venturing, Elsevier, vol. 12(1), pages 9-30, January.
    12. Kolvereid, Lars & Isaksen, Espen, 2006. "New business start-up and subsequent entry into self-employment," Journal of Business Venturing, Elsevier, vol. 21(6), pages 866-885, November.
    13. Chen, Chao C. & Greene, Patricia Gene & Crick, Ann, 1998. "Does entrepreneurial self-efficacy distinguish entrepreneurs from managers?," Journal of Business Venturing, Elsevier, vol. 13(4), pages 295-316, July.
    14. Davidsson, Per & Honig, Benson, 2003. "The role of social and human capital among nascent entrepreneurs," Journal of Business Venturing, Elsevier, vol. 18(3), pages 301-331, May.
    15. Crowe, Ellen & Higgins, E. Tory, 1997. "Regulatory Focus and Strategic Inclinations: Promotion and Prevention in Decision-Making," Organizational Behavior and Human Decision Processes, Elsevier, Elsevier, vol. 69(2), pages 117-132, February.
    16. Ozgen, Eren & Baron, Robert A., 2007. "Social sources of information in opportunity recognition: Effects of mentors, industry networks, and professional forums," Journal of Business Venturing, Elsevier, vol. 22(2), pages 174-192, March.
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